证券代码：002753 证券简称：永东股份 山西永东化工股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 √其他 （电话会议） | | 参与单位名称及 | 山西证券李旋坤、王金源；国海富兰克林基金周艺佳；高腾国 | | 人员姓名 | 际吕栋；宝盈基金管理有限公司郑熊婧；博时基金管理有限公 | | | 司范卓宇；银华基金管理股份有限公司刘宇尘；长信基金管理 | | | 有限责任公司宁发俊 | | 时间 | 2025 年 11 月 24 日 15:30-16:00 | | 地点 | 公司研发楼三楼会议室 | | 上市公司接待人 | 董事会秘书张巍女士、财务总监陈梦喜先生、证券部陈翔先生。 | | 员姓名 | 在本次调研活动中，主要沟通内容简述如下： | | | 1、蒽油项目目前进展情况 | | | 公司 2024 年度向特定对象发行 A 股股票募投项目为"2 | | | ×10 万吨年蒽油深加工项目"及"补充流动资金"， ...

首个、首次、首台 本周 我国在工程建设、科学探测等领域 实现多项重大突破 中国科技与中国实力再度刷屏 用"中国精度"看宇宙 中微子实验首个重大成果发布 11月19日 江门中微子实验在建成两个月后 首次发布重大科研成果 其对中微子相关参数的测量精度 比此前实验的最好精度提高了1.5~1.8倍 我国首个采用冷却塔的 "华龙一号"核电站正式开建 11月18日 我国首个 采用冷却塔的"华龙一号"核电站 中广核招远核电1号机组 作为国际上首个运行的超大规模和超高精度的中微子专用大科学装置，江门中微子实验将助力科学家对来自太阳、超新星、 大气和地球的中微子开展前沿研究，其最主要的科学目标是解决粒子物理学领域未来十年内的一个重大问题，即：中微子的 质量顺序，从而为探索未知物理世界打开新窗口。 江门中微子实验合作组发言人介绍 中微子实验的核心探测器达到了设计要求 未来几年会把精度再提高几倍 实现用"中国精度"看宇宙 核岛第一罐混凝土顺利浇筑 标志着山东招远核电基地建设全面启动 "华龙一号" 是我国自主研发的第三代核电技术 是目前全球在运和在建机组数量最多的 一种核电堆型 整个招远核电项目规划建设 6台华龙一号核电机组 总装机 ...

Group 1: High-Pressure Natural Gas Power Generation Project - The first high-pressure natural gas long-distance pipeline pressure recovery power generation project in China, the Haimen Station natural gas pressure recovery power generation project, has officially commenced operations in Nantong, Jiangsu [1] - The project efficiently utilizes excess pressure resources during high-pressure natural gas transportation, marking a breakthrough in the comprehensive utilization of energy in long-distance pipelines [1] - The project can generate approximately 3 million kilowatt-hours of electricity annually, equivalent to reducing carbon dioxide emissions by over 2,000 tons [1] Group 2: Technological Innovations and Equipment - The core equipment of the power generation project is independently designed and manufactured in China, featuring adjustable flow technology and 3D-printed impellers [1] - The new technology significantly reduces the energy consumption of the equipment while addressing multiple technical challenges such as high pressure and low flow [1] - The new equipment operates in parallel with the existing pressure regulation system, ensuring a reliable gas supply for residents and businesses even if the power generation equipment is offline [1] Group 3: Future Developments and Projects - The company plans to gradually promote megawatt-level domestically produced pressure recovery power generation equipment in typical distribution stations in the Yangtze River Delta region [2] - The total installed capacity of high-pressure natural gas long-distance pipeline pressure recovery power generation projects in China is estimated to reach 42,000 kilowatts [2] Group 4: "Shan Electric into Anhui" UHV Project - The Anhui section of the "Shan Electric into Anhui" ultra-high voltage direct current transmission project has been fully completed as of November 18 [2] - The project spans 323 kilometers in Anhui, with the entire "Shan Electric into Anhui" transmission line project over 80% complete [2] - The project is part of the national "14th Five-Year Plan" and is expected to be fully operational by the end of June 2026, with an annual electricity transmission capacity exceeding 36 billion kilowatt-hours, more than half of which will be renewable energy [2]

Core Viewpoint - The first high-pressure natural gas long-distance pipeline pressure recovery power generation project in China has officially commenced operations in Jiangsu Nantong, marking a breakthrough in the comprehensive utilization of energy in long-distance pipelines [1][3]. Group 1: Project Overview - The Hai Men Station natural gas pressure recovery power generation project efficiently utilizes excess pressure resources during high-pressure natural gas transportation, converting pressure potential into mechanical energy to generate clean electricity [1]. - The project is expected to generate approximately 3 million kilowatt-hours of electricity annually, equivalent to reducing carbon dioxide emissions by over 2000 tons [1]. Group 2: Technological Innovations - The core equipment for the power generation project has been independently developed and manufactured in China, featuring adjustable flow technology and 3D-printed impellers, which enhance the efficiency of low-temperature natural gas reheating while significantly reducing the equipment's own energy consumption [3]. - The new equipment operates in parallel with the existing pressure regulation system, ensuring a reliable gas supply for residents and businesses even if the power generation equipment is offline [3]. Group 3: Future Plans - The company plans to gradually promote megawatt-level domestically produced pressure recovery power generation equipment in typical distribution stations in the Yangtze River Delta region [5]. - It is estimated that the total installed capacity of high-pressure natural gas long-distance pipeline pressure recovery power generation projects in China will reach 42,000 kilowatts under the natural gas self-reheating scheme [5].

据测算，在采用天然气自复温的方案的条件下，我国高压天然气长输管道余压发电项目总装机容量达到4.2万千瓦。 央视网消息：记者11月19日从国家管网获悉，我国首个高压天然气长输管道余压发电项目——海门站天然气余压发电项目在江苏南通正式投入 运营。项目实现了在高压天然气输送过程中对余压资源的高效利用，标志着我国在长输管道能源综合利用领域取得突破。 海门站天然气余压发电项目是通过回收管道输送天然气到城市门站的余压，把这种压力势能转化成机械能，再带动膨胀发电机组转动，最终发 出清洁电力。 国家管网集团西气东输公司一级工程师李骁介绍，过去，这部分能量在调压过程中无法有效利用。如今，新工艺不仅保障了正常输气，每年还 可发电约300万千瓦时，相当于减排二氧化碳超2000吨。 我国自主研发设计并制造发电项目的核心设备，创新采用了可调节导流技术与3D打印叶轮，以自然通风方式对低温天然气进行高效复热，在 显著减少设备自身能耗的同时，成功解决了高压力、小流量等多项技术难题，实现了资源节约与环保效益的双重提升。新设备与站场原有调压 系统并联运行，若遇发电设备停机，原有系统可依托自动分输功能无间断接管供气任务，为居民及企业的安全稳定用气 ...

Core Viewpoint - Zhaoxin Co., Ltd. has signed a strategic cooperation framework agreement and an investment cooperation agreement with Zhejiang Yiyang Energy Technology Co., Ltd. to establish a joint venture for the Qianjiaying Coal Mine low-concentration gas utilization project and similar projects [2]. Group 1 - The joint venture will focus on the investment and development of low-concentration gas oxidation destruction and waste heat comprehensive utilization projects in coal mines [2].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 16.19 yuan based on a 12x PE ratio for 2025 [6][11][18]. Core Insights - The company reported a total revenue of 18.422 billion yuan for H1 2025, a decrease of 7.56% year-on-year, while the net profit attributable to shareholders was 302 million yuan, an increase of 15.96% year-on-year [1]. - The coal trading business showed resilience with a sales volume increase of 3.19 million tons, a growth of 14.13% year-on-year, despite a revenue decline of 25.52% [3]. - The heat and power cogeneration segment achieved a revenue of 1.447 billion yuan, down 6.72% year-on-year, but the gross profit increased by 14.35%, indicating improved efficiency [2]. Summary by Sections Financial Performance - For H1 2025, the company experienced a revenue decline of 1.507 billion yuan, primarily due to a drop in coal prices, which reduced revenue by 4.036 billion yuan [1]. - The projected revenues for 2025-2027 are 43.622 billion yuan, 44.692 billion yuan, and 45.692 billion yuan, with corresponding net profits of 753 million yuan, 905 million yuan, and 944 million yuan [5][12]. Business Segments - The coal trading segment is expected to generate revenues of 40.242 billion yuan, 41.047 billion yuan, and 41.868 billion yuan from 2025 to 2027, maintaining a gross margin of 3% [13]. - The heat and power cogeneration segment is projected to achieve revenues of 3.291 billion yuan, 3.555 billion yuan, and 3.732 billion yuan, with a stable gross margin of 25% [14]. - The renewable energy segment is anticipated to generate consistent revenues of 54 million yuan across the forecast period, with a gross margin of 30% [14]. Strategic Developments - The company successfully advanced the acquisition of Nan Taihu Technology for 1.4573 billion yuan, which is expected to enhance operational efficiency and scale in the heat and power cogeneration sector [4]. - The company is actively expanding its market presence in key regions such as Xinjiang and Central China, leveraging its strong supply chain resilience [13].

Group 1: Ice Wheel Environment - The company aims to promote global sustainable development, focusing on artificial environment control technology and energy utilization technology [1] - In the first half of 2025, Ice Wheel Environment achieved revenue of 3.12 billion yuan, a year-on-year decrease of 7%, and a net profit of 266 million yuan, down 20% year-on-year [1] - The main products include compressors and heat exchangers, covering a temperature range of -271℃ to 200℃, with a full range of magnetic suspension compressor products [1] - The company provides cooling equipment for data centers and has developed technologies for nuclear power cooling and waste heat recovery, serving multiple nuclear power stations [1] - Ice Wheel has successfully developed a helium compressor for extreme low temperatures, applicable in magnetic confinement controlled nuclear fusion devices [1] - The industrial thermal management business has launched a comprehensive solution for efficient recovery and utilization of residual energy [1] Group 2: Zhongmin Resources - In the first half of 2025, Zhongmin Resources reported revenue of 326.67 million yuan, a year-on-year increase of 34.89%, but net profit fell by 81.16% to 8.91 million yuan [2] - The rare light metal segment (cesium and rubidium) performed well, with revenue of 708 million yuan, up 50.43%, and gross profit of 511 million yuan, an increase of 50.15% [2] - The lithium battery new energy segment sold 17,869 tons of lithium salt, a year-on-year increase of 6.37%, and sold 34,834 tons of self-produced lithium spodumene [2] - The company has initiated a technical transformation project for an annual production of 30,000 tons of high-purity lithium salt [2] - In the copper and germanium business, Zhongmin acquired a 65% stake in the Kitumba copper mine project in Zambia and a 98% stake in the Tsumeb project in Namibia, launching integrated and multi-metal recycling projects [2] - The company plans to deepen its resource and cost advantages in lithium battery new energy and build a multi-metal mineral resource pool to enhance global resource allocation capabilities [2]

Core Viewpoint - Dezhou Shihua Chemical Co., Ltd. has established itself as a leading player in the chemical industry, focusing on green and intelligent manufacturing while achieving significant production capabilities and revenue growth [3][5][10]. Group 1: Company Overview - Dezhou Shihua, founded in 1971, has evolved into an industry benchmark with annual sales exceeding 4 billion yuan and total assets of 1.9 billion yuan [3]. - The company has a diverse product matrix, including caustic soda, PVC resin, hydrogen peroxide, liquid chlorine, hydrochloric acid, and industrial salt, with a notable achievement in the high-quality, large-scale production of food-grade liquid caustic soda [5]. Group 2: Technological Innovation and Sustainability - The company has invested heavily in R&D to enhance product purity and meet stringent safety standards for food-grade liquid caustic soda, ensuring its application in food processing, beverage manufacturing, and pharmaceuticals [5][6]. - Dezhou Shihua has implemented a hydrogen utilization project to repurpose surplus hydrogen gas, previously wasted, into a fuel source, saving approximately 20 tons of raw coal daily and generating an estimated annual revenue of over 3.5 million yuan [6][8]. Group 3: Recognition and Future Plans - The company has received numerous accolades for its achievements in green and intelligent manufacturing, including being recognized as a national-level green factory and a leader in water efficiency [8]. - Looking ahead, Dezhou Shihua aims to continue its commitment to innovation and sustainable development, contributing to the upgrade of the chemical industry [10].

Group 1: Company Capacity and Product Lines - The current production capacity for carbon black is 410,000 tons/year, coal tar deep processing capacity is 600,000 tons/year, modified asphalt is 200,000 tons/year, and crude phenol refining is 15,000 tons/year [1] - The company plans to expand its product line into new materials through coal chemical deep processing, enhancing the stability of carbon black quality [1] - The "2×100,000 tons/year anthracene oil deep processing project" and "500,000 tons/year coal tar deep processing project" have been approved by the shareholders' meeting, which will enrich the product line in the new materials sector [1] Group 2: Strategic Business Development - The company aims to extend carbon black products into high-end markets, with a project for fine processing of coal tar and special carbon black, targeting 70,000 tons/year of specialty carbon black [2] - The planned "500,000 tons/year coal tar deep processing project" will enhance the company's processing capacity to one million tons, strengthening its market competitiveness [2] - The project for extracting high-value products from anthracene oil is expected to meet the growing demand for mid-to-high-end carbon black, benefiting from the rapid development of downstream industries [2] Group 3: Energy Utilization and Cost Efficiency - The company has implemented a carbon black tail gas power generation system, achieving self-supply of electricity for production and office use, significantly reducing electricity costs [6] - By reusing waste heat from coal tar processing, the company lowers gas consumption and enhances energy efficiency across its operations [6] - The integration of production processes allows for reduced transportation costs and improved safety and efficiency in raw material handling [2] Group 4: Product Applications - Main products include carbon black and coal tar processing products, with carbon black used as a reinforcing filler in rubber and as a pigment in various industries [7] - Coal tar products such as modified asphalt, industrial naphthalene, and phenolic oil are utilized in diverse applications, including the production of high-power electrode blocks and various chemical intermediates [7] - The company’s products serve critical roles in industries such as textiles, pharmaceuticals, and agriculture, with a focus on high-value applications like dyes and pesticides [4][7]